Me and my wife are purchasing a leasehold flat in Colindale. My lawyer has never been on on the bank approved list. Is it possible for me to use my Colindale conveyancing solicitor even though they are not on the mortgage company panel of approved conveyancing solicitors?
Your options include
- Complete the purchase with your preferred Colindale solicitor but your mortgage company will need to instruct a conveyancing practitioner on their approved panel. This will result in additional fees and probable delay.
- Choose a new solicitor to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your solicitor to do everything within their powers to join the lender’s panel of solicitors
Some advice if I may. My Colindale conveyancer is advising me that he is legally obliged toapply for Colindale conveyancing searches becausethe firm are on the Nat Westconveyancing panel. These Colindale searches cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a mortgage company your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Colindale conveyancing searches.
Are the BSA planning on creating a online directory to to identify solicitors on the Coventry BS conveyancing panel for example in Colindale?
Lexsure has not been advised of any plans on the part of the BSA to promote such a register.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Colindale I like with amenity areas and railway links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Colindale in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
My husband and I are novice buyers - agreed a price, but the selling agent advised that the seller will only go ahead if we appoint the agent's recommended solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Colindale
It is improbable the vendors are behind this. Should the seller want ‘a quick sale', turning down a motivated purchaser is likely to cause more damage than good. Avoid the agents and go straight to the sellers and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Colindale conveyancing firm - rather thanthe ones that will earn their negotiator at the agency a commission or meet his conveyancing thresholds demanded by HQ.